@Melissa Nash - Yes, there are multiple reasons that I'm getting into Real Estate but with the updated picture of the ADR for the past year, the cash flow was not as good as they were indicating initially.

Are you paying any points for the initial loan as well because that will add to the cost?

Some of our initial baseline, no-go, criteria when we first listed were: 600+ credit score, no evictions, no bankruptcy, and income 3x rent... however, after finding that very few interested parties were eligible to even "enter a review phase" of landlord verifications etc, we loosened up a bit and went to an objective scoring model that I tweaked from a few ideas obtained after speaking to both rental professionals in my local area and some on this forum. 

@Brock MogensenTwo things we found out last week on Appfolio is we have an open ended fund and after the initial bulk upload to have to go in and input investors and investment individually.

Realtor says another deal fell through because it didn't fit their needs for an event location.We'd be coming in with 20% and look at about $10k in initial improvements. 

I've gone through the process of shopping out a loan for the property and it was decided that I'd go with a loan originator who initially told me the interest rate would be anywhere from 5.5-6%.

If the investor wants to pay off the property quickly, then this might not make sense but if an investor is looking for more of a cash return initially, this can makes sense.

The growth in suburban areas does seem to be a significant trend, but it’s fascinating to hear about the potential impacts of initiatives like Housing Forward.

Initially, I pursued wholesaling with the goal of generating income to eventually buy and hold properties.

I also did an initial telephone screening/interview and check references.